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Repeal of the 2015 Waters of the United States rule is a victory for clean water and clear rules. As farmers, we share the goal of protecting the nation’s water, but the 2015 Waters of the United States rule was unreasonable and unworkable. It made conservation more difficult and created huge liabilities for farmers.

CBOT futures closed markedly lower with corn performing the worst. The China negotiations are not going well based on President Trump’s comments. Cattle futures were a mixed bag today as Live Cattle fell under pressure from yesterday’s negative chart action, but Feeder futures recovered strongly from negative early trade. Lean Hog futures closed sharply lower in follow-through selling to yesterday’s heavy losses.

As it did yesterday, wheat futures outperformed corn and soybeans. Corn and beans lost about one percent and closed near the day’s lows. Cattle futures ended the day very narrowly mixed. Live cattle futures traded to new highs for the move before setting back some. Lean Hog futures closed lower with October and December LH losing around $2.00/cwt.

CBOT futures closed mixed with wheat posting the best gains. Corn and soybeans lack significant news or fundamental changes to drive prices. Cattle futures closed mostly higher with increases mostly 35 cents or less. Lean Hog futures closed narrowly mixed but August and October LH hit new highs for the current rally off June lows.